MGSC30H3 Study Guide - Midterm Guide: Fiduciary, Alternative Dispute Resolution, Corporate Security
Document Summary
Chapter 1: risk management and sources of law. Definitions: risk management: process of identifying, evaluating, and responding to possibility of harmful events. Definitions: agreement: evidence: consists of the info that is provided in support of an argument, hearsay evidence: info that witness heard from another person rather than directly from the source. Sole proprietorship: persons carrying on business, no formalities required, other laws apply to the business, such as licensing and regulation, no special advantage, no special requirements. Partnership termination of the partnership: express provisions. Implied provisions of the act n termination on fixed term n termination by notice n termination by death or insolvency of partner. Limited partnership: has liability limited to amount of contributions. Foundations of corporate law: partnership group of business people running a business together, trust group of business people running a business for investors. Salomon sells his shoe business to a corporation.
